Hallador Energy (HNRG) holders report 3.6% stake and director resignation

Rhea-AI Filing Summary

Hallador Alternative Assets Fund LLC and related parties filed Amendment No. 13 reporting their beneficial ownership in Hallador Energy Company’s common stock. HAAF holds 1,584,929 shares, representing 3.62% of the outstanding shares, based on 43,825,006 shares disclosed in a recent quarterly report.

Through their advisory and management roles over HAAF, Hallador Investment Advisors, Hallador Management, David C. Hardie and Kevin Leary may each be deemed to beneficially own these 1,584,929 shares, with Hardie and Leary also holding small additional direct stakes. Hardie resigned from Hallador Energy’s board of directors effective January 1, 2026.

Insights

Corporate governance and ownership analyst

Amended 13D updates a modest 3.6% ownership and a board exit.

Hallador Alternative Assets Fund LLC and affiliated entities report beneficial ownership of 1,584,929 Hallador Energy shares, or 3.62% of the common stock, based on 43,825,006 shares outstanding from a recent Form 10-Q. This reflects a mid-single-digit, non-controlling stake.

Because Hallador Investment Advisors and Hallador Management exercise voting and dispositive power over the fund, they, along with David C. Hardie and Kevin Leary, may each be deemed to share beneficial ownership of these shares. Hardie’s total is 1,607,945 shares (3.67%), and Leary’s is 1,591,319 shares (3.63%).

The filing also notes that Hardie resigned from Hallador Energy’s board effective January 1, 2026, while retaining an economic interest. Future company filings may clarify any impact of this governance change on board composition and oversight structure.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

HALLADOR ENERGY COMPANY

(Name of Issuer)

Common Stock, par value $0.01

(Title of Class of Securities)

40609P105

(CUSIP Number)

David C. Hardie
5485 Kietzke Lane,
Reno, NV, 89511
(775) 548-1730

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/01/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 40609P105

1

Name of reporting person

Hallador Alternative Assets Fund LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,584,929.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,584,929.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,584,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.62 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) For Item 13: This percentage is calculated based upon 43,825,006 shares of common stock, par value $0.01 per share ("Common Stock"), outstanding of Hallador Energy Company (the "Issuer") as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.

SCHEDULE 13D

CUSIP No. 40609P105

1

Name of reporting person

Hallador Investment Advisors, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,584,929.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,584,929.00

11

Aggregate amount beneficially owned by each reporting person

1,584,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.62 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) For Item 13: This percentage is calculated based upon 43,825,006 shares of common stock, par value $0.01 per share ("Common Stock"), outstanding of Hallador Energy Company (the "Issuer") as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.

SCHEDULE 13D

CUSIP No. 40609P105

1

Name of reporting person

Hallador Management LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,584,929.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,584,929.00

11

Aggregate amount beneficially owned by each reporting person

1,584,929.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.62 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) For Item 13: This percentage is calculated based upon 43,825,006 shares of common stock, par value $0.01 per share ("Common Stock"), outstanding of Hallador Energy Company (the "Issuer") as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.

SCHEDULE 13D

CUSIP No. 40609P105

1

Name of reporting person

David C. Hardie

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 23,016.00
8	Shared Voting Power 1,584,929.00
9	Sole Dispositive Power 23,016.00
10	Shared Dispositive Power 1,584,929.00

11

Aggregate amount beneficially owned by each reporting person

1,607,945.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.67 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) For Item 13: This percentage is calculated based upon 43,825,006 shares of common stock, par value $0.01 per share ("Common Stock"), outstanding of Hallador Energy Company (the "Issuer") as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.

SCHEDULE 13D

CUSIP No. 40609P105

1

Name of reporting person

Kevin Leary

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,390.00
8	Shared Voting Power 1,584,929.00
9	Sole Dispositive Power 6,390.00
10	Shared Dispositive Power 1,584,929.00

11

Aggregate amount beneficially owned by each reporting person

1,591,319.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.63 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) For Item 13: This percentage is calculated based upon 43,825,006 shares of common stock, par value $0.01 per share ("Common Stock"), outstanding of Hallador Energy Company (the "Issuer") as set forth in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01
(b)	Name of Issuer: HALLADOR ENERGY COMPANY
(c)	Address of Issuer's Principal Executive Offices: 5485 Kietzke Lane, Reno, NEVADA , 89511.
Item 1 Comment: This Amendment No. 13 to Schedule 13D is a voluntary filing and amends and supplements Amendment No. 12 to Schedule 13D filed on July 23, 2024. This statement relates to shares of Common Stock, $0.01 par value (the "Shares") of Hallador Energy Company, a Colorado corporation (the "Issuer"). The address of the Issuer's principal executive office is 1183 East Canvasback Drive, Terre Haute, Indiana 47802. This Amendment No. 13 amends the Schedule 13D as specifically set forth herein. Capitalized terms not defined herein this Amendment No. 13 have the meanings ascribed to them in the Schedule 13D.
Item 2.	Identity and Background
(a)	Name of Person Filing: (i) Hallador Alternative Assets Fund LLC, a limited liability company organized under the laws of the State of Delaware ("HAAF"). HAAF is a private equity investment fund directed or controlled by its managing members, Hallador Management LLC and David C. Hardie. (ii) Hallador Investment Advisors, Inc., a corporation organized under the laws of the state of Delaware ("HIA"). HIA advises the Hallador Cash Fund, HAAF and Hallador Balanced Fund LLC. HIA is the investment advisor to HAAF and as such, has voting and dispositive power with respect to the investments of Hallador Alternative Assets Fund. (iii) Hallador Management LLC, a limited liability company organized under the laws of the state of Delaware ("Hallador Management". Hallador Management is a Managing Member of HAAF and as such, has voting and dispositive power with respect to the investments of HAAF. (iv) David C. Hardie is a United States citizen. He is a Managing Director of Hallador Management LLC, Managing Member of HAAF, and Chairman of HIA, the investment advisor to HAAF. Mr. Hardie resigned as a member of the Board of Directors of the Issuer effective as of January 1, 2026. Additionally he serves as a director and partner of other private equity entities that are owned by members of his family. (v) Kevin Leary is a United States citizen. He is Chief Executive Officer of HIA and a Managing Director of Hallador Management.
(b)	Residence or Business Address: (i) The address of Hallador Alternative Assets Fund is 5485 Kietzke Lane, Reno, NV 89511. (ii) The address of HIA is 5485 Kietzke Lane, Reno, NV 89511. (iii) The address of Hallador Management is 5485 Kietzke Lane, Reno, NV 89511. (iv) The address of Mr. David Hardie is 5485 Kietzke Lane, Reno, NV 89511. (v) The address of Kevin Leary is 5485 Kietzke Lane, Reno, NV 89511.
(c)	None of the Reporting Persons, within the last five years, have been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(d)	None of the Reporting Persons, during the last five years, have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, which as a result of such proceeding, were or are subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to United States federal or state securities laws or finding any violation with respect to such laws.
Item 3.	Source and Amount of Funds or Other Consideration
	Pursuant to an agreement entered into by and among David Hardie and certain related parties on July 28, 2015, 1,422,101 shares of HNRG common stock held by Hallador Alternative Asset Fund ("HAAF") were distributed to beneficial owners of HAAF for purposes of changing the form of beneficial ownership of such holders. The pecuniary interest of David Hardie did not change as a result of this transaction. The transfers as contemplated under the agreement were consummated on May 5, 2016. Following the transfer of shares, HAAF owned 1,758,212 shares of HNRG common Stock. On December 31, 2015, the Robert Hardie QTIP Trust was liquidated and the David Hardie Separate Property Trust received 139,089 shares of HNRG common stock as a result of such liquidation. David Hardie was a 25% beneficiary under the Robert Hardie QTIP Trust and the 139,089 shares represented David Hardie's beneficial interest under the trust. The pecuniary interest of David Hardie did not change as a result of this transaction. Between November 10, 2016 and December 8, 2016, HAAF sold an aggregate of 86,747 shares of HNRG common stock in the open market. Between April 2016 and October 2019, Kevin Leary purchased 6,390 shares of HNRG common stock on the open market. On October 7, 2019, the David Hardie Separate Property Trust purchased 30,380 shares of HNRG common stock on the open market. On June 15, 2022, HAAF received 338,427 shares of HNRG upon conversion of two convertible promissory notes; one for $1,000,000 dated May 2, 2022 as reported on HNRG's Form 8-K dated May 6, 2022, and the other $750,000 dated May 20, 2022 reported on HNRG's Form 10-Q on May 23, 2022 at a conversion price of $5.171 per share. On August 8, 2022, HAAF purchased from HNRG an unsecured convertible promissory note in the principal amount of $1,000,000 (the "Note"). On April 11, 2023 and April 13, 2023, HAAF sold an aggregate of 31,166 shares of HNRG common stock on the open market. On February 23, 2024, HNRG elected to pay interest due under the Note in common stock, rather than in cash, and it issued HAAF 6,396 shares of its common stock for such interest payment. On June 28, 2024, the Note was converted into 190,000 shares of HNRG common stock pursuant to an exchange agreement between HNRG and HAAF. In November 2024 and December 2024, HAAF sold an aggregate of 168,961 shares of HNRG common stock on the open market. On May 19, 2025, (i) HAAF sold an aggregate of 67,457 shares and (ii) the David Hardie Separate Property Trust sold 30,380 shares of HNRG common stock on the open market. In September 2025 and October 2025, (i) HAAF sold an aggregate of 354,045 shares and (ii) the David Hardie Separate Property Trust sold 118,017 shares of HNRG common stock on the open market. On December 21, 2025, David Hardie was granted 1,944 shares of HNRG common stock for his services as a director of HNRG. Mr. Hardie resigned as director of HNRG effective as of January 1, 2026.
Item 5.	Interest in Securities of the Issuer
(a)	(i) HAAF beneficially owns 1,584,929 Shares, or 3.62% of the Shares. (ii) The amount of Shares considered to be beneficially owned by HIA by reason of its voting and dispositive powers with respect to HAAF's investments is 1,584,929 Shares, or 3.62% of the Shares. (iii) The amount of Shares considered to be beneficially owned by Hallador Management by reason of its voting and dispositive powers with respect to HAAF's investments is 1,584,929 Shares, or 3.62% of the Shares. (iv) Mr. David Hardie beneficially owns 23,016 Shares through the David Hardie Separate Property Trust, and, as Chairman of HIA, and Managing Director of Hallador Management, may be deemed to beneficially own an additional 1,584,929 Shares, or a total of 3.67% of the Shares. (v) Kevin Leary owns 6,390 Shares of HAAF, and, as Chief Executive Officer of HIA and Managing Director of Hallador Management, may be deemed to beneficially own an additional 1,584,929 Shares, for a total of 3.63% of the Shares.
(b)	The following table sets forth the number of Shares as to which the Reporting Persons have (i) the sole power to vote or direct the voting of the Shares, (ii) the sole power to dispose or to direct the disposition of the Shares or (iii) shared power to vote or direct the vote or dispose or direct disposition of the Shares: Reporting Person Sole Voting Power Sole Power of Disposition Shared Voting and Power of Disposition Hallador Alternative 1,584,929 1,584,929 0 Assets Fund LLC Hallador Investment 0 0 1,584,929 Advisors, Inc. Hallador Management LLC 0 0 1,584,929 David C. Hardie 23,016 23,016 1,584,929 Kevin Leary 6,390 6,390 1,584,929
(c)	Not applicable.
(d)	Not applicable.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A - Joint Filing Statement

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hallador Alternative Assets Fund LLC

Signature:	/s/ David C. Hardie
Name/Title:	David C. Hardie/Managing Member
Date:	02/27/2026

Hallador Investment Advisors, Inc.

Signature:	/s/ Kevin Leary
Name/Title:	Kevin Leary/Chief Executive Officer
Date:	02/27/2026

Hallador Management LLC

Signature:	/s/ David C. Hardie
Name/Title:	David C. Hardie/Managing Member
Date:	02/27/2026

David C. Hardie

Signature:	/s/ David C. Hardie
Name/Title:	David C. Hardie
Date:	02/27/2026

Kevin Leary

Signature:	/s/ Kevin Leary
Name/Title:	Kevin Leary
Date:	02/27/2026

FAQ

What percentage of Hallador Energy (HNRG) shares does Hallador Alternative Assets Fund own?

Hallador Alternative Assets Fund LLC beneficially owns 1,584,929 shares of Hallador Energy common stock, equal to 3.62% of the shares outstanding. This percentage is calculated using 43,825,006 outstanding shares reported in Hallador Energy’s Form 10-Q filed on November 10, 2025.

How many Hallador Energy (HNRG) shares does David C. Hardie beneficially own?

David C. Hardie beneficially owns a total of 1,607,945 Hallador Energy shares. This includes 23,016 shares held through the David Hardie Separate Property Trust and an additional 1,584,929 shares he may be deemed to own through his roles with Hallador Alternative Assets Fund affiliates, representing 3.67% of the company.

Did David C. Hardie resign from the Hallador Energy (HNRG) board?

Yes. The filing states that David C. Hardie resigned as a member of Hallador Energy’s board of directors effective January 1, 2026. He continues to hold an economic interest in the company through direct holdings and his positions with Hallador Alternative Assets Fund–related entities.

What is Kevin Leary’s beneficial ownership in Hallador Energy (HNRG)?

Kevin Leary beneficially owns 1,591,319 Hallador Energy shares. This consists of 6,390 shares he purchased on the open market and 1,584,929 shares he may be deemed to own through his roles at Hallador Investment Advisors and Hallador Management, giving him 3.63% of the company.

How is the 3.62% ownership in Hallador Energy (HNRG) calculated in this Schedule 13D/A?

The 3.62% figure is based on Hallador Alternative Assets Fund’s 1,584,929 shares compared with 43,825,006 Hallador Energy common shares outstanding. That outstanding share count comes from Hallador Energy’s Form 10-Q filed with the SEC on November 10, 2025, as referenced in the filing.

Which entities are reporting beneficial ownership of Hallador Energy (HNRG) in this Amendment No. 13?

The reporting persons are Hallador Alternative Assets Fund LLC, Hallador Investment Advisors, Inc., Hallador Management LLC, David C. Hardie, and Kevin Leary. They report shared or sole voting and dispositive power over 1,584,929 Hallador Energy common shares through fund and advisory relationships.